Educational Loans

Education is an expensive affair, and foreign or premier education, even more so. Balancing the dream of your child with financial reality is the biggest challenge that you will face once your child enters the high school phase of studies. And often, quality education becomes inaccessible to your child due to lack of adequate financial support. That’s where educational loans come in.

The educational loans provided by Indian banks will cover your child’s entire tuition fee. In most cases, accommodation charges, expenses related to the purchase of books and equipment, examination and library fee, travel expenses, and insurance premium also come under the purview of the loan.

However, it is very important to not jump the gun. There are various points to be noted before securing an educational loan for your child, and as hotcourses INDIA suggests, “Be sure to read the fine-print and get clarity on the rate of interest that will be levied, if the rate will be impacted by the base rate (determined by the RBI), the tenure of the loan and when repayment should begin and any pre-payment charges. Be sure to check if there is a provision for extension of the tenure in case there is an unforeseen delay in the completion of the course and ability to secure a job.”

To know more about the educational loan provisions in India and tips on repayment strategies, read through the pages of this ClipBook.

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